How To Transfer Money From India To Australia
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Best Ways To Send Money From India To Australia

Updated on March 02, 2021 10:18 am
Indian to Australia

Sending money overseas has become easier than ever with plenty of convenient options thanks to technology in the international money transfer market. 

You may find a lot more money transfer providers for remitting money from Australia to India. However, there are limited options when you want to transfer money from India to Australia.

For many people, the first thing that comes to mind is using their regular bank account to make an international transaction. Banks can be a trusted, familiar and convenient option. However, banks generally have poor exchange rates and can charge hefty transfer fees. You end up spending more money than you intended on marked-up foreign exchange rates and hidden charges. 

There are money transfer companies specialized in sending money from India to Australia that provides better exchange rates and lower transaction fees. 

The best way would be to use the cheapest option that can save you money on your transfer but you also need to take into account the speed of the transfer, or the pay-in or pay-out method, and other criteria like reliable customer service, transfer limit, etc.

Please note that under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI), a resident Indian can transfer up to USD 250,000 (its equivalent in Australian dollars) per financial year to friends and family abroad. This amount is set as the current limit and it is subject to changes in the future.



Ways To Send Money From India To Australia

People need to send money from India to Australia for a variety of reasons. It could be to fund University fees, for starting a new business, gifts to a friend, to finance medical treatment or maintenance of close relatives, and so on.

Here are the ways you can send money from India to Australia.

International Wire Transfer

The majority of Indian banks and RBI-approved authorized dealers have partnered with hundreds of overseas banks including in Australia to transfer funds internationally through the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network. 

Wire transfer is the electronic transfer of funds across a network of banks and transfer agencies around the globe. You can send from your Indian bank account to an overseas bank account. Both residents and non-residents can do wire transfers from India.

Some major banks in India that provide outward remittance service are State Bank of India, ICICI Bank, Standard Chartered, Yes Bank, CitiBank, etc.

Requirements for Wire Transfers

  • Beneficiary's Name & Address
  • Beneficiary Bank Details (Swift code, Account number, Bank Routing number, Correspondent Account number)
  • Sender's Name & Account number
  • Purpose of Remittance with KYC
  • Self-declaration stating the relationship between the sender and beneficiary

If you are a resident Indian, you need to fill up and submit Form A2 to the bank along with Government Issue ID proof or copies of your passport, Visa, pan card (if necessary) to make a transfer. Each bank has its own version of the A2 Form. You will have to get the correct version from your bank. After your bank verifies the documents, the wire transfer is initiated and the fund will be transferred to the beneficiary account in 2-5 business days.

If you a Non-resident Indian (NRI), you can opt to transfer funds directly to an overseas bank account from your FCNR/NRE account without going through the formalities to remit money abroad.

Read more on new tax rules on foreign remittance.

Online Money Transfer Services 

Transfer services

 

Services like BookMyForex or ExTravelmoney can be cheaper and quicker than bank wire transfers. These services compare the exchange rates across different banks and give you the most competitive exchange rate. You can send Australian Dollars (AUD) through wire transfer at zero commission. You can also opt for a foreign currency demand draft. 

ExTravelmoney

To send money from India to Australia, go to ExTravelmoney's website and enter the transfer amount, purpose of remittance, and location. See rates quoted by the nearest exchange houses and banks. Book your transfer online once you choose the best rate after comparing the quotes.

You will have to submit the KYC documents for verification. Once done, transfer the fund to the chosen exchange house or the bank's account as NEFT/RTGS. Your beneficiary should get the fund in 48 hours or less. 

You can freeze the favorable rate for sending money and it will stay valid for the entire day even if the rates fluctuate dramatically even in a day. 

BookMyForex

Similarly, you can book your money transfer order online on BookMyForex's website. Check whether you are eligible for foreign remittance. Provide your details along with your recipient's information and your purpose of remittance.

You may need to give documents such as a pan card, passport copies, address proof, and other records (if required). You can upload the documents on the website itself or opt for document pickup from your home or do it offline at the bank.  

You can then transfer your money to one of the partnered banks of BookMyForex. The booked exchange rate will be shown on your device's screen. 

To initiate the transfer, a digital Form A2 will be provided that needs to signed by you. After signing on the web portal itself, the transfer is processed and the money is received in 12-48 hours. You will receive a SWIFT acknowledgment. 

Online Money Transfer Companies 

Banks are not the cheapest option to make international money transfers. A mark-up exchange rate, high as 5% is charged for sending money abroad. 

Go for online money transfer companies to get the most competitive conversion rates along with faster transfer, lowest transaction fee but just as safe and secure.

There are 3 best options to send money online hassle-free from India to Australia.

InstaReM

InstaReM is a leading digital cross-border money transfer company founded in 2014 in Singapore. Its offices are also present in Australia, Malaysia, Hong Kong, India, the USA, Canada, and the EU.

It facilitates low-cost international money transfers for consumers, small and medium enterprises, and financial institutions.

It is up to 8x cheaper than what banks charge. The rates are sourced from Reuters. Currently, INR/AUD exchange rate is at 1 INR=0.0176 which is a competitive rate. 

Transactions can be done at a minimal fee and there are no hidden charges. You can see the exact amount that your recipient will get before sending the money. Also, track your transfers online using your transaction number and your registered mobile number.

Earn Loyalty points upon joining InstaReM and each time you make a transfer. You can redeem them against your transactions. 

Wise (ex-TransferWise)

Wise (formerly TransferWise) is an authorized electronic money institution based in London. It was launched in 2011 by Estonians Kristo Kaarmann and Taavet Hinrikus with the mission to make international money transfer cheap, fair, easy, and fast.

The company changed its name to Wise in February 2021 to keep up with its services that have expanded beyond international money transfers. With a Wise bank account, you can hold balances in more than 55 currencies and use the Wise debit card for your expenses abroad conveniently.

To send money to Australia using Wise, you pay a fixed fee plus 1.78% of the amount converted. The total cost of the transfer is always shown upfront. The exchange rate provided is the inter-bank rate. It is 8x cheaper than banks and there are no hidden fees. 

Sign up with Wise online or in its app for free. Tap in the transfer amount and your recipient's bank details. You might be asked to provide your ID for transfers if necessary. This is only for safety reasons.

Make a local payment to Wise using your bank account or your debit or credit card. Bank transfers are the cheapest for funding your overseas transfers with Wise. They are slower than debit or credit cards but it saves you money. 

Your recipient will be notified of the transfer and that's it. You can track the transfer status online.

Skrill

Skrill launched in 2001 under its former name Moneybookers is a digital wallet provider that also offers remittance service through Skrill Money Transfer. Headquartered in London, it now operates in more than 120 countries with the digital wallet offered in 40 currencies. You can also buy and sell cryptocurrency.

With Skrill, you can send money for free from India to an overseas bank account. The exchange rates offered are what you see on Google or XE.com. So there are no hidden mark-ups.

You can fund your transfer using your bank account or debit/credit card at no extra cost. 

To send money from India to Australia, register for a Skrill account on its website or download the Skrill mobile app. 

Enter your personal information (name, date of birth, email address, password, contact number) and your recipient details (name, address, bank details). Select the country of destination and the desired currency (AUD, in this case). Once you have entered the amount and selected the payment method, confirm the order, pay for it and it is done. The money should arrive in the recipient's bank account in 48 hours or even less. 

Conclusion

Ultimately, knowing how to compare your options is the best way when transferring money overseas. Compare rates for AUD/INR across a range of providers. Choosing the best rate can result in saving a substantial amount of money.  

Look out for companies that waived fees for large transactions. It may be more cost-effective to do large infrequent transactions instead of frequent small ones. With many options, you can choose the one that best suits your requirements.

 

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Researching multiple providers, understanding how exchange rates work, and being aware of potential hidden fees are essential steps in making an informed decision.Staying up to date on market trends can make a significant difference because the foreign exchange market is dynamic and subject to various economic factors.To find the best dollar-to-rupee rate, use CompareRemit for real-time USD to INR exchange rates from the best remittance providers to send money to India today!

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It was introduced by Mynt, a subsidiary of Globe Telecom, one of the Philippines’ major telecommunications companies.GCash allows users to carry out various financial transactions, mobile payments, and services through their mobile phones, making it a convenient and efficient way to manage money.You can make bank transfers, pay bills with QR codes, take out loans, and top-up airtime on your mobile phone. It is one of the most popular mobile wallets in the Philippines and the most convenient option for Overseas Filipino Workers (OFWs) to send money to their loved ones in the country.With 81 million active users and 2.5 million merchants and sellers as of May 2023, GCash is truly the undisputed mobile wallet king in the Philippines.Why Should You Get GCash?This is especially important for people who want to send money to the Philippines. GCash offers multiple benefits for sending money to the country:Convenience: You only need a mobile app to send money to friends and family in the Philippines making it easily accessible and convenient. You need not go to any money transfer centers to make a money transfer.Mobile Services: Apart from money transfers, it offers a wide range of financial services, such as bill payments, online shopping, and even investments.No Need for Bank Account: Your recipient does not need a bank account to receive money through Gcash.Speed: It is faster to send money to Gcash than traditional methods. Your recipient can receive the money instantly or within a few minutes, depending on the transaction type.Lower Fees: Due to its lower fees, it is a cost-effective method to send money to the Philippines.Extensive Network: Gcash has a vast network of partner merchants, banks, and money transfer companies in the Philippines, making it easy for the recipients to access and withdraw the money.Security: Various security measures such as PIN verifications, fingerprint scanning, and two-factor authentication are put in place to protect users’ accounts and transactions.How Does GCash Work?To use GCash, you need to download the GCash app from the App Store or Google Play and sign up for an account. You will enter your personal details (mobile number, name, address), complete the customer verification process, and create a secure PIN.After creating your account, you will need to fund your GCash Wallet. There are several ways to do this:Link your bank account or credit/debit card to your GCash accountDeposit cash at GCash partner outletsReceive money from other GCash users.Once your GCash is funded, you can start using it for various transactions, such as:Send money to other GCash users or non-GCash users through the “Send Money’ feature. This feature allows you to transfer money to family, friends, or anyone with a mobile number.Pay bills for utilities, credit cards, and other services directly through the appPurchase mobile prepaid loads for your phone or for your loved ones, as well as data packages from various telecom providers in the Philippines.GCash can be used for online shopping on partner merchants’ websites and appsGCash QR payment feature enables you to pay for goods and services in physical stores by scanning QR codes displayed by merchants.Convert your GCash balance to cash by cashing out at partner outlets or through participating banks and ATMs.How to Transfer Money to Philippines Using GCash?The best way to send money to GCash, Philippines is through a digital money transfer platform. Gcash has partnered with several top online money transfer companies including Remitly, Skrill, Wise, WorldRemit, and Western Union among others.These platforms allow you to send Philippine Pesos (PHP) to Gcash in an affordable, quick, and efficient manner.How to Send Money to Gcash Mobile Wallet via an Online Money Transfer App?Here are the steps to follow:Sign up on any of the third-party money transfer apps or platformsEnter your personal detailsGet your account verifiedEnter transfer amountEnter your recipient's countryChoose GCash as your delivery methodEnter the recipient’s GCash-registered name & account numberConfirm your transferPay for the transferPesos will be deposited to the recipient’s GCash AccountMoney Transfer Platforms Offering GCash as a Delivery OptionWiseUsing Wise, you can send PHP to any individual or business bank account in Philippines or mobile money to any of the several mobile wallets such as GCash, PayMaya, GrabPay, Starpay, etc. To send money to mobile wallets, you'll need your recipient's mobile number, starting with the country code +63. The maximum limit for money transfers to bank accounts and mobile wallets is 9 million PHP per transfer and 50,000 PHP per transfer respectively. It may take 1-2 working days to complete the transfer.RemitlyYou can do a Remitly transfer to GCash via Mobile Money in the Philippines. Remitly offers two ways to transfer money to Gcash wallets in Philippines based on how you pay for the transfer. Using a debit card (Express) to pay will take a few minutes for the money transfer while it may take 3-5 business working days if you pay via than bank account (Economy). The GCash wallet limit is PHP 100,000. Make sure you have sufficient funds availability in your account to do the transfer. Remitly is the optimal choice to send GCash from USA if you are looking to make fast and secure mobile payments.WorldRemitWorldRemit facilitates mobile money transfers to several mobile wallets in the Philippines including GCash. The cash is deposited within minutes. You can send up to PHP 50,000 per transfer and a maximum of PHP 100,000 total remittances per month to the mobile wallet. To avoid delay in transfer, make sure your recipient's details are correct. WorldRemit might be your cheapest option as they often charge no fixed fees, but this depends on the sending country. In the case of top-sending countries like the USA, the company does not charge fixed fees.Western UnionWestern Union is a well-known international money transfer service that has partnered with GCash to facilitate remittances to the Philippines. To initiate a transfer, you can simply go to your GCash account and proceed to the Cash-In segment within the GCash App and opt for Western Union as your preferred money transfer option. Or you can either go to a Western Union Branch or their website to make the transfer. You will find that sending money to a mobile wallet, GCash is less expensive than sending cash to a pickup location.MoneyGramMoneyGram, a well-established money transfer company is also a GCash partner, enabling users to receive international remittances directly into their GCash wallets. To send money directly to GCash wallet, either go to the MoneyGram website or any agent location. Provide your recipient's details and select 'Mobile Wallet as your delivery option. Both you and your recipient will receive a notification once the money is sent.XoomBy partnering with GCash, Xoom enables users to effortlessly transfer funds to GCash accounts. To start the transfer process from Xoom to GCash, download the Xoom app, and create an account. Then, enter the transfer amount and choose GCash as the receiving option, provide the details of your recipient's mobile wallet, and pay for your transfer using a PayPal account, bank account, credit card, or debit card.Xoom may be a popular option for transferring funds to GCasg, however, they are a little expensive due to transfer fees and exchange rate margins. Look for cheaper alternatives on our list.PangeaPangea provides global money transfers to regions in Latin America and Asia. Through their mobile app, you can make the payment and use your linked bank account or debit card to pay for the transaction. If you pay using a card to transfer money for pickup, your recipient will receive the funds within minutes, while selecting a bank transfer method will take a little longer.While Pangea does not offer direct transfer to a mobile wallet like GCash, you can still make an international transfer to the Philippines, and then your recipient can transfer that money to their GCash account.SkrillBy leveraging its digital wallet expertise, Skrill offers users a secure and efficient way to send money to GCash, contributing to the financial accessibility of recipients in the Philippines. Skrill offers various ways to transfer money to GCash including bank account transfer, payments via debit card or credit cards, and letting you choose mobile money transfer. Opting for bank transfers is typically the cheapest, allowing you to send funds from your bank account to a GCash wallet at a lower cost compared to other payment methods. However, the transfer will take a little longer.Note: The availability of GCash GCash as a delivery option on the above money transfer platforms can differ due to variables like the sender's location, the platform's offered services, and potential shifts in partnerships. It's recommended to visit the platform's website or app prior to utilizing any money transfer service to verify the current selection of delivery methods and choices for sending money to the Philippines.What is the Cost of Transferring Money to GCash?The cost of transferring money to GCash can vary depending on the service provider, the country you are sending money from, the transfer method you choose (bank transfer, debit/credit card, etc.), the amount being sent, and any applicable fees for currency conversion or processing. Different remittance platforms and financial institutions might have different fee structures.Carefully review the terms and fee information provided by the specific service you plan to use to determine the exact cost of the transfer to GCash. Keep in mind that some providers may offer promotions or fee waivers for certain transactions or during specific timeframes.How to Claim Your Remittance on the GCash App?Open GCash app homepageGo to ‘Cash-In”Under the Global Partners, & RemittanceClick the money transfer company you sent the money withEnter the amount of remittance to be receivedEnter the Reference numberConfirm the TransferThe funds will be loaded into the GCash walletWhere Can You Cash-Out with GCash in the Philippines?You can withdraw funds through several options in the Philippines. If you have a GCash Mastercard, you can visit any BancNet or Mastercard ATM, or any GCash Partner Outlet.Here is the list of the GCash Partner Outlets:Cebuana LhuillierCVM PawnshopDA5ECPayExpressPayHanepBuhayJaro PawnshopPanalo ExpressPeraHUBPosiblePuregoldRobinsonsSM StoreTambunting PawnshopTrueMoneyVillarica PawnshopVIP Payments CenterThe steps for cashing out might be different with each partner outlet. You can look it up in the GCash App.How GCash Exchanges Currency?GCash is primarily not a currency exchange platform. The currency exchange is usually handled by the money transfer provider or financial institution initiating the money transfer to the Philippines from abroad.For example:If you are sending money from abroad to a GCash mobile wallet in the Philippines, your transfer providers will likely handle the currency conversion from the currency you are sending to Philippine Pesos based on the prevailing exchange rates.The converted amount in PHP will be deposited to the recipient’s GCash wallet.However, GCash may display the received amount in both the sender’s currency and PHP within the app for the recipient’s reference.If you want to get the best exchange rates while sending money to the Philippines or abroad, the best way is to compare your options. To compare the best rates to send money to the Philippines using Gcash, use our online comparison tool to check the best providers today!

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